RANKING-MUSIC

How do we evaluate the best NFT music?

We’d gladly involve all music projects in our list because we love the NFT world, but we can’t. In order to rank them by their quality and value, we had to come up with criteria. This is how we evaluate the best NFT music:

1. Impact – Since there are many different music NFTs available, we decided to give bonus points to those that had an impact. It doesn’t matter if that impact is related to something in the real-world or digital world. If that NFT had an impact or is a part of history, it’s worth mentioning.
2. Artist – Who created this NFT music piece? We prefer if the music is written by a known artist because he can make an impact and perhaps start a digital NFT revolution. Imagine if artist manage to swap music label deals with NFTs.
3. Price – How much did this NFT sell for? Albums or songs that sell for hundreds of thousands dollars will help the artist produce even more content. Also, high prices are also good for the whole NFT marketplace health.
4. Type – Is it just an .MP3 or something else? We prefer when the owners will get something extra, even if it’s just an animation. Even better if there is some unlockable content or special access for all owners of the NFTs.
5. Marketplace – On what marketplace can you find this music NFT? Is it on a known NFT marketplace, or a specialised website? We prefer those that sold on marketplaces since they have the highest security standards. However, it’s not a bad thing if the artist hires professionals to host the sale on his website, like 3LAU did it.

What is an NFT music?

So, before we can start explaining what benefits you can have as a musician or collector, let’s explain what is NFT music? NFT music is one of a kind digital asset that’s permanently stored on the blockchain.

It includes a music file, proof of ownership and it can have additional things that are all visible in the public smart contract for that NFT. Some can include royalty fees programmed in.

Why would someone pay for NFT music when you can download it?

Well, why would you pay for a movie when you can download a torrent? Because when you pay for it, you support the author and he can continue creating art. Everyone deserves to earn for his honest work.

Other than “supporting”, NFT ownership is easily visible on the blockchain, so you can prove that you own something within seconds. All you have to know is the public record that took place when you had purchased the music.

You don’t have to remember the URL, you can always find it in the payment history of your digital wallet or on the NFT marketplace where you have bought NFT music.

NFT music mostly comes in pair with animation, but some authors have also released their albums and songs in audio formats only. At the end of the day, that decision is on the artist.

Some artists such as Kings of Leon or 3LAU have released full music albums as an NFT. Artists will mostly include bonus content with the song, such as vinyl, artwork, or even a chance to create a new song with the artist.

NFT music is a great new way for artists to earn money by selling directly to fans. Other than the marketplace and transaction fees, artists will get the total sale amount.

What types of NFT music is there?

As you could have guessed, there are different music genres and types that can be purchased on the NFT marketplaces. We have already mentioned how some music comes bundled with animations, but let’s go through all types:

• Pure audio – These music NFTs come in the classic formats as an audio-only. Mostly they come with an artwork, but some marketplaces even let the artists to publish audio only.
• Combined with animation – With these NFTs you’ll receive an animation bundled with the sound. Such example can be seen with the Space Yacht music NFTs that we’ve included in our list.
• Private – You can’t list to certain music NFTs before purchasing. You’ll be able to play the music once you own it. Such example can be seen with the “I FUCKED RYDER RIPPS” audio sex-tape by Azealia Banks. These are ideal when you want only the chosen few to enjoy the sounds.

These are the basic three types of music NFTs. It’s worth mentioning that many of the artists will include physical bonuses for the owners of their NFTs. These can be vinyl records, VIP tickets, artworks, and many other things.

You can be creative as there are no limits on what you can include with your NFTs.

As for the music genres, we’ve seen it all. From rock, rap, blues to acid and techno. Most of the popular NFT marketplaces will not dictate which music genres you can sell.

What audio formats can you use?

If you are wondering what audio formats you can use, we’ll go through them all. We went through the most popular NFT marketplaces and checked what are the supported formats.

• MP3 – If you are looking to post your music NFT as a pure audio, but don’t want the file size to get too large, this is the format for you. MP3 audio format is supported on most of the NFT marketplaces.
• MP4 – If you want to gift your NFT owners with a video as well, this is the format for you. Please notice marketplaces tend to have a maximum file size that’s usually around 50MB.
• WAV – You want a pure audio that will satisfy the audiophiles? WAV file format is your choice. When compared to MP3, it’s not a “lossy” format. However, “WAV” files tend to be larger, so have that in mind when you are converting your audio to an NFT.

These three formats are the most widely used for NFT music. However, if you are working with different formats or different devices, there is a solution for you as well.

You can use converters to change the file format that you have into the format supported on the NFT marketplace. That being said, please notice that changing the formats might decrease the sound quality, but you probably already know that.

If the format you are using is not supported, but you must keep it in that one, you can always include a download link in the “unlockable content” part of your NFT listing. You can also deliver your items after purchase by contacting the user.

One example where the user got something special after buying an NFT is the Ultraviolet NFT. Buyers of this NFT got a physical vinyl to their home address.

Can I publish voice recordings as NFT?

Yes, you can publish voice recordings as NFT.

The beauty of NFTs is that you can sell whatever you want. If the marketplace doesn’t support it natively, you can deliver it through 3rd party links. NFTs are great because of the proof of ownership, not the art itself.

If you want to prove you own something, all you have to do is share the public transaction. You can also show it on your digital wallet which has a public address.

Voice recordings can easily be an NFT. Take podcasts, for example, there isn’t really a difference between a voice recording and a podcast. If you are wondering whether there is a podcast published as an NFT already, yes there is.

The first NFT podcast is the “Techmeme Ride Home podcast interview episode with Garry Tan” published on Rarible.

Instead of relying on Google ADS or Patreon, podcasters can now get paid directly. You can create 100 editions of your podcast episode, and sell it like that. In this case, there isn’t a mediator other than an NFT marketplace if you are selling on it.

Tips for selling your music as an NFT

If you want to sell your music successfully, you have to work on your marketing. Marketing can be expensive and time-consuming, but that’s why have written some tips to help you sell your music as an NFT.

• Brand yourself. Would you rather purchase music from someone that uses generic names such as “Song 1”, or if’s called “Firestone” ? On most NFT marketplaces can set a name, description, artwork, and you should set it all. Making an eye-catching album cover can attract new potential buyers. Work on your image, what makes you different, what’s so special about your music? In other words, you have to sell yourself.
• Choose the right marketplace. If you are trying to sell your music on a marketplace where 99% of NFTs are collectibles, you have lower chances of selling. Sure, someone might stumble upon your work, but it depends if you want to earn a living or have fun posting on the blockchain? If you are in it for the fun, go for it. However, if you want to profit as much as possible, you should research what marketplace is best for you, or check our best NFT marketplaces ranking.
• Provide bonus content. With so many artists sending physical vinyl to those who buy their NFTs, you must be creative. It was never about the product, it’s always about the feeling. Make the customer feel special when he purchases your NFT music. Whether that’s an authograph, physical album, virtual hanging or a VIP ticket to your upcoming concert, it doesn’t matter. Make the customers feel special and they’ll promote you for free.

Remember, you should always provide quality content for your fans. If someone is ready to go through the process of purchasing an NFT, make sure it’s worth it.

Why people pay high prices for NFT music?

Just because we read about 3LAU selling his music album for $11.7 million dollars, it doesn’t mean every music NFT is that expensive. In the reality, most people do not pay high prices for NFT music.

If you take a look at who are those that made so much money with NFT music, you’ll quickly notice how they already had an established fanbase. Many people are buying NFTs hoping that they can flip them for a profit, and it’s always easier to re-sell art if it comes from a known artist.

Both Kings of Leon and 3LAU are world-known artists. They have fans all over the world that are ready to support them even if it means creating a digital wallet.

Surely, it’s much easier to sell something when you have an established fanbase, however, that doesn’t mean you can’t do it. There are plenty of other artists who didn’t make millions but still made a fair sum. NFTs can be an additional stream of income, which is also a good thing.

Some of the people investing in music NFTs are simply supporting the cause, however, most of them are here to make money. Whether that’s by flipping items they bought or earning money in the NFT virtual worlds.

Surely, you would prefer if just your fans bought your music NFTs, but sometimes that’s not the case. That being said, you’ll still make money, so you need to maximize profit.

To do that, you’ll need to provide unique value as we have previously mentioned. If you don’t know what to do or how to promote, we can help, but more about that later on.

Why you should sell your music as an NFT?

Other than possibly making millions overnight, there are a bunch of other reasons why you should sell your music as an NFT. The first and the obvious one is because right now there is a small number of artists publishing their NFTs.

Why is that a good thing?

Right now you have a much lower competition. It will be much harder to compete when many other famous artists come to NFT marketplaces. They already have a strong fan base, so most smaller music artists will struggle to get recognition.

Other than that, you would no longer depend on music labels that much. Sure, they can promote your music and get you out there, but at what costs? They take a big percentage of your future earnings.

You can bypass this by using blockchain technology and selling directly to your buyers. You’ll get the money directly to your digital wallet as soon as your NFT is sold.

As the music NFTs grow in popularity, we expect music labels to join at a certain point. They’ll probably create strong marketplaces for music artists, but right now you can go on your own and build your fan base.

Now that we have mentioned all this, let’s go through the pros and cons of selling your music as an NFT.

Pros

• Early adoption — NFT space is still not overcrowded, you can be amongst the first musicians to join. Imagine if you had bought Bitcoin when it was at 50$, that’s the current situation with NFTs.
• No mediators – You can sell directly to the buyers. The fees are super low right now, an average 2.5% fee for the marketplace commission and transaction fee for sending the payment. If you choose a marketplace that operates on XTZ or Polygon blockchain, the transaction fees are close to zero.
• You can remain anonymous – If you create amazing sound, but you don’t like fame, this is your chance to succeed without showing your face. Even though the blockchain payments and wallet addresses are public, we don’t know the name behind the wallet unless they had mentioned it somewhere. It’s hard to stay anonymous in this era of social media, but NFTs have surely made it easier for us.
• Easy to start – We understand if you are feeling overwhelmed right now. Although, NFT is not that complicated as it seems at first. All you need is a digital wallet and a marketplace to sell on. Once you have those two, it’s as simple as uploading a photo to Facebook, except you are getting paid this time.
• Added value – When compared to the streaming platforms, NFTs are in big advantage. Users get to keep the music they bought from your, forever. They’ll have the proof of ownership on the blockchain and they can later sell it if they want. Compare this to the streaming platforms where you are paying monthly fees to just listen to the music, and it’s clear who is the winner here.
• Get paid in crypto – You don’t even need a bank account. Certain countries don’t tax crypto, so that’s a bonus as well.

Cons

There are also some cons when you are selling your music as an NFT, so let’s go through them.

• Digital wallets required — Buyers can’t make a purchase without a digital wallet that supports NFT. Some people may find it complicated, especially if you have a fanbase that is older. However, cryptocurrency is surely our future, so we can expect more and more people opening digital wallets.
• Possible high transaction fees – The most popular NFT blockchain right now is Ethereum. We’ve all witnessed how high the transaction fees get once the network is congested. Still, there are other blockchains that you may publish your work on. Polygon and Tezos have very low fees, much lower than any bank out there, and once Ethereum upgrades to 2.0, they’ll have lower fees as well.
• Wallet security – You are responsible for your digital wallet security. When compared to a bank account where you don’t have to worry about it, it’s a minus. Still, at least this way you get to keep your funds with you. Banks can be robbed, your digital wallets can’t, unless you are hacked of course. If you don’t know which digital wallet to use, check our best NFT wallets ranking.
• You may need to convert – Unless you are using an exchange that provides crypto credit cards, you’ll have to convert in FIAT (USD, EUR, CAD, etc.) to spend your money. It doesn’t take long, but that’s an extra step when compared to the classic way of selling music.

Money opportunity

Obviously, there is a big-money opportunity when we talk about NFTs. We are not talking about making 11.7$ million like 3LAU, but you can still make serious money.

NFT marketplaces are on the rise, within a year the total volume went from 50$ million to several billion dollars. That’s a big jump and it proves that NFTs are “hot” right now.

Surely, there are some of you who are not into music for the money, but it would still be awesome to make some money in the process, wouldn’t it?

There are plenty of ways to make money in this space, whether it’s by selling songs or whole NFT albums. It’s up to you how you want to publish your work.

What is NFT album?

NFT album is just like any music album out there, however, it’s published as a non-fungible token on the blockchain. What does that mean? Each person can verify the ownership of the album by taking a look at the transaction that’s permanently stored on the public blockchain.

You can deliver the whole album with all the songs included all at once, or you can airdrop it. What is an airdrop? Well, it is mostly used as a giveaway tactic to promote an NFT or crypto project, but you can use it to deliver songs from the album as well.

Once the person has bought your NFT album, you can airdrop them a song every week/month. Just like PelleK from our ranking list has done. He had airdropped a song every week for those who bought his album. This can be used as a tactic to fund your album that’s still in the making.

Are there any fees to create a music NFT?

There are certain fees associated with creating music NFT, and we’ll go through them right now. The first fee is the minting fee, but what is minting anyway?

Minting is a process when your music becomes an NFT. In other words, it’s when your music is stored on the blockchain. So how do you mint your music?

If you don’t want to get into technical stuff, you should use NFT marketplaces to mint your music for you. All you have to do is upload the music and the marketplace will handle the rest.

Now that we have explained it, it’s worth mentioning that this process usually costs you a small fee. Certain marketplaces like OpenSea won’t charge you for the minting process either.

OpenSea does so-called “lazy minting” where your work isn’t minted until sold. Even when sold, the buyer will pay the minting fee.

If you want to minimize the minting fee, you should choose a blockchain that has lower transaction fees. That’s because minting actually involves writing a record on the blockchain, which requires a transaction to be made.

Blockchains that support NFTs and have low transaction fees are:

• Tezos (XTZ)
• Polygon
• Cardano (ADA)
• Wax (WAXP)

There are other blockchains that support NFTs, but these are the most popular ones.

Other than the minting fee, some marketplaces have also got a listing fee. This fee has to be paid for each NFT you want to list on their marketplace. We have ranked the best NFT marketplaces, so you can decide which one to sell on.

These two fees are the only ones to create an NFT. However, once you have sold the item, you’ll have to pay the commission to the marketplace and also a transaction fee to move your funds to a wallet or exchange.

What is the maximum file size for music NFTs?

Most marketplaces don’t set a maximum file size based on the category of the NFT, but the file itself. It doesn’t matter if you are uploading a GIF, MP4, or WAV, the maximum file size is the same.

Most marketplaces will allow you to upload files of up to 50MB. As you can see, this might not be enough for the whole album. However, you can always include a download link in the “Unlockable content” if the marketplace supports it.

There are some marketplaces that will allow much bigger files, such as Mintable. On Mintable, you can upload files up to 3GB, and the preview file can be up to 200MB large.

If you want to include the song on a marketplace that doesn’t support big files, but you don’t want them to download through an external link, convert the songs. You can convert WAV to MP3 and save a lot of space, however, the songs will lose some quality as well.

Since we have previously mentioned that you should not compromise on quality, we advise against MP3. Some people will argue that the difference is barely noticeable, but if someone is paying for your music, you should deliver only the best.

Can I earn royalty fees from music NFTs?

Now you’ll learn about the best feature in the NFT space, royalty fees. What if we told you that you can earn from your music even when you have already sold it?

How is that possible?

Well, each NFT has a “smart contract” that defines how it acts and how it will act in the future. When you publish an NFT, smart contracts are permanently stored on the blockchain. The best thing about smart contracts is that you can input royalty fees into them.

Most marketplaces provide this feature. Some NFT marketplaces will even let you set a custom royalty fee.

How do you receive payment from royalty fees?

Each time you sell your music, you also receive a royalty fee. Since NFTs can be re-sold, you receive a fee out of that transaction as well. There are no levels to it, you get the royalty fee forever.

Most marketplaces will have the royalty fee set at 10%, however, some even go as high as 15%. Royalty fees are a great way to earn a passive income from your music work.

For example, if you sold your music for a cheap price because you were not that known, that could change in the future. If you become famous, your first music work would probably raise in price, and each time someone re-sells your music NFT, you’ll make a profit.

NFTs are really changing the whole music industry and the way artists will work with music labels. By utilizing blockchain technology, you gain more power over your work.

List your NFT music

So, you went through this whole article, but still don’t know if you can sell your work? Let us tell you, yes, you can.

If your music is good and maybe you even have a small fan base, you should go for it. Perhaps you worry about the marketing and promotion of your work, so let us help you with that.

Even though the NFT marketplaces are still “young”, there is competition. You shouldn’t rely on the random factor that someone will accidentally find your music on the marketplace. Instead, you should promote yourself.

The ideal way to promote yourself is to use all of the marketing channels that are available. Those channels include:

• Social media platforms – Such as YouTube, Facebook, Twitter, Instagram, etc.
• Physical promotion – Just because you plan on selling NFTs doesn’t mean you shouldn’t promote your music in the real world as well.
• Website – Music artists should always have some sort of a personal website where they can showcase their work and post concert dates.
• Digital ads – Promote through ads that show up on Websites, Google, YouTube, etc.
• Direct promotion – Directly promote your NFT music project on a website. This is something we can help you with. If you are qualified enough, we will gladly promote your music and list you in our ranking. Our team will take a look at your music, analyze it and if it’s good enough, promote it.

Why promote on our website?

BestNFTs.com is the #1 independent authority on NFTs. We have a team of expert researchers who analyze market trends and news every day.

We provide an advertising service on our website. You can promote your music NFT if we approve you. If approved, we’ll happily add you to the list of best NFT music that you could have seen at the beginning.

Our visitors come to learn about NFTs which means you would get the exact buyers that you want. Your project will be easy to find and all our visitors are your potential new buyers. When you compare how much you can potentially earn, you’ll quickly see how our listing fee is actually cheap.

What are you waiting for? Start promoting your NFT music on our website and get the attention you deserve.

John Criswell, Author

This part of the minting process cost is related to the blockchain, and not the marketplace. That being said, NFT Marketplaces cannot profit from gas fees, if anything, it hurts them in the long run.